Russia’s budget deficit hit 4.2 trillion rubles (about $51.9 billion) in the first 10 months of the year due to rising spending, according to Finance Ministry data released on Tuesday.
The deficit was $53.1 billion higher than the same period last year, the ministry said.
The country's budget revenues rose 0.8% year-on-year in the first 10 months of the year, reaching $369.3 billion.
Budget expenditures during the same period climbed 15.4% to $421.2 billion.
A ministry statement also noted that non-oil and natural gas revenues reached $276.7 billion, while oil and natural gas revenues reached $92.6 billion.
The statement noted that the budget deficit to GDP ratio is currently at 1.6%, stressing that this ratio is expected to reach 2.6% by the end of 2025.
Budget expenditures in Russia have risen significantly in recent years, particularly due to spending on the defense industry since the start of the Ukraine war in early 2022.
Sanctions against the Russian energy sector have also led to the country losing significant access to European oil and natural gas markets.
Reporting by Emre Gurkan Abay in Moscow
Writing by Mucahithan Avcioglu
Anadolu Agency
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